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Commodity Chemicals Industry Stocks Technical Analysis - COP

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- 3/15/2024 -
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ConocoPhillips (COP) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :Williams' Percentage Range is overboughtLane's Stochastic is strongly overboughtThe price has risen above the Parabolic SARThe price is above the upper Bollinger Band20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a first positive week for the ConocoPhillips (COP). During the week, the COP gained 7.04 points, or 6.23%, and closed at 120.04 on Friday, March 15, 2024. It was the best weekly gain since October 13, 2023. Weekly volume was 19% above average.

COP is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See COP long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 91.53 and reached 127.35 on October 19, 2023. COP gained -35.82 points, or -39.13%, in 31 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 108.50 and resistance is at 140.81. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See COP medium-term trend chart]
A medium-term downtrend had started on October 19, 2023 at 127.35 and reached 105.77 on January 18, 2024. COP lost 21.58 points, or 16.95%, in 13 weeks. The price is now at the 66.13% retracement level.

Weekly Technical Indicators: [See COP weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since November 3, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See COP short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 108.84 and reached 120.79 on March 15, 2024. COP gained -11.95 points, or -10.98%, in 31 days. The chart has formed a Broadening Ascending Wedge chart pattern.

Daily Technical Indicators: [See COP daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is above its signal line since February 20, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.21
Williams' Percentage Range (W%R) 14.50
Overbought
Lane's Stochastic (%D-Slow) 91.19
Strong Overbought
Greed/Fear Indicator (GFI) 83.63
Overbought
Moving Average Converg./Diverg. (MACD) 0.79
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.28
Williams' Percentage Range (W%R) 23.60
Lane's Stochastic (%D-Slow) 48.77
Greed/Fear Indicator (GFI) 59.62
Moving Average Converg./Diverg. (MACD) -0.25
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 140.81
Price 120.04
Daily Stochastic Crossing 119.90
Upper Bollinger Band 119.75
Weekly Stochastic Crossing 113.82
20 Day Moving Average 113.39
Parabolic System 112.96
50 Day Moving Average 112.07
Lower Bollinger Band 108.64
Quarterly Trendline Support 108.50
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Exploration & Production 57
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Low 108.84
Low Date 02/13/2024
High 120.79
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 105.77
Low Date 01/18/2024
High 120.79
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 127.35
High Date 10/19/2023
Low 105.77
Low Date 01/18/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 140.81
Support 108.50
Low 91.53
Low Date 03/16/2023
High 127.35
High Date 10/19/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 20.84
Low Date 03/18/2020
High 138.49
High Date 11/04/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.